Scandinavia: Baking Soda Market 2024

Baking Soda Market Size in Scandinavia

The Scandinavia baking soda market stood at $X in 2021, growing by 1.5% against the previous year. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Baking Soda Production in Scandinavia

In value terms, baking soda production declined to $X in 2021 estimated in export price. Overall, production, however, showed significant growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 18,213% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Baking Soda Exports

Exports in Scandinavia

In 2021, baking soda exports in Scandinavia declined dramatically to X tons, reducing by -55.1% compared with 2020. Overall, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2016 with an increase of 17% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, baking soda exports dropped remarkably to $X in 2021. In general, exports continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 35%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Sweden (X tons) was the main exporter of baking soda, generating 71% of total exports. It was distantly followed by Denmark (X tons), Finland (X tons) and Norway (X tons), together creating a 29% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to baking soda exports from Sweden stood at -12.3%. At the same time, Norway (+39.1%), Denmark (+17.5%) and Finland (+16.1%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +39.1% from 2012-2021. While the share of Denmark (+11 p.p.), Finland (+10 p.p.) and Norway (+5.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Sweden (-26.8 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest baking soda supplier in Scandinavia, comprising 90% of total exports. The second position in the ranking was taken by Denmark ($X), with a 6.8% share of total exports. It was followed by Finland, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sweden amounted to -11.4%. In the other countries, the average annual rates were as follows: Denmark (+15.2% per year) and Finland (+12.2% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per ton in 2021, remaining stable against the previous year. Over the period under review, the export price, however, saw a mild slump. The most prominent rate of growth was recorded in 2019 an increase of 24%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+1.0%), while the other leaders experienced a decline in the export price figures.

Baking Soda Imports

Imports in Scandinavia

In 2021, baking soda imports in Scandinavia fell sharply to X tons, waning by -18.9% compared with 2020. In general, imports continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2018 with an increase of 18%. The volume of import peaked at X tons in 2020, and then declined remarkably in the following year.

In value terms, baking soda imports fell to $X in 2021. Overall, imports continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Denmark (X tons) and Sweden (X tons) represented roughly 71% of total imports in 2021. Norway (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Finland (14%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Denmark (with a CAGR of +9.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Sweden ($X) and Norway ($X) constituted the countries with the highest levels of imports in 2021, with a combined 86% share of total imports.

Norway, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Scandinavia stood at $X per ton in 2021, increasing by 5.7% against the previous year. In general, the import price, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2019 when the import price increased by 5.8%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Norway ($X per ton) and Sweden ($X per ton), while Finland ($X per ton) and Denmark ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (-0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform